No guarantee is given that the operation of the EU ETS, as originally established (the supply of emission allowances including), will remain unchanged or can be modified only at the end of a trading period.

It is time now for traders to take a closer look at an IT infrastructure used to support trading decisions. What for? Do you think that you have nothing common with the algorithmic trading technique? You may be wrong...

- bonds, structured finance products, emission allowances and derivatives, on the one hand, and

- shares, depositary receipts, ETFs, certificates and other similar financial instruments, on the other.

If to concentrate on products like bonds, structured finance products, emission allowances and derivatives firstly, it occurs that to determine transparency obligations we must separately analyse not only clients of the systematic internaliser and other market participants but also different categories of clients of the same systematic internaliser.

Liquid and illiquid markets have their specificities too.

To decode the respective requirements the diagram recently revealed by the ESMA is much helpful.

Considering the lapsing deadlines set by the Commission Regulation (EU) 2016/631 of 14 April 2016 establishing a network code on requirements for grid connection of generators (NC RfG) it may be useful, particularly for energy market participants carrying out significant investments in or the refurbishments of the generation fleet, to take account of some NC RfG notification requirements that may occur important.